Misys plc, the global software products and solutions company, today announces it has acquired Crossmar Matching Service (CMS) from Crossmar, Inc, a subsidiary of Citicorp.
CMS provides a confirmation matching service aimed primarily at foreign exchange/money market (FX/MM) transactions between banks, their corporate customers and fund managers. The CMS matching engine handles in excess of $100 billion of FX/MM transactions for over 750 customers worldwide.
CMS will become part of Misys Wholesale Banking Systems and be renamed Misys CMS. The core management team - including CTO Raymond English, Sales and Marketing Director Gilmore Bray, Vice-President Cynthia Anasson and Product Manager John Hawkins, will be among more than 50 staff transferring to Misys Wholesale Banking Systems. International offices will be merged with existing Misys offices in New York, London, Tokyo and Singapore.
The acquisition brings in-house the CMS platform, infrastructure and further expertise in Web services. This will provide further impetus to enable future application service provider (ASP) hosted service development across other Misys banking solutions.
Ivan Martin, Chief Executive of the Misys Banking and Securities Division, commented: "The need for independent trade confirmation is more urgent than ever. With intense pressure from regulators to keep trading and back office operations clearly separated, the CMS offering is an essential tool for those engaged in FX/MM transactions.
"The CMS acquisition complements our established and highly successful wholesale banking business, which already has substantial experience of handling interparty trades via the SWIFT payment network. CMS is a proven, functionally-rich service based on advanced Internet technology and already enjoys high levels of customer satisfaction and loyalty. We aim to maintain and grow those levels of satisfaction so that all of our customers receive a world-class service."
Gilmore Bray, Sales and Marketing Director, CMS, added: "CMS clients will benefit for a number of reasons. Misys will enable us to broaden the financial instruments matched on CMS, enhance functionality, and provide clients with seamless interaction with counterparties and internal systems. Misys is a firmly established market leader in developing financial software solutions and is well positioned to provide a solid foundation for growth."
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